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<SEC-DOCUMENT>0000919574-07-004850.txt : 20071022
<SEC-HEADER>0000919574-07-004850.hdr.sgml : 20071022
<ACCEPTANCE-DATETIME>20071022171418
ACCESSION NUMBER:		0000919574-07-004850
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20071031
FILED AS OF DATE:		20071022
DATE AS OF CHANGE:		20071022

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Ship Finance International LTD
		CENTRAL INDEX KEY:			0001289877
		STANDARD INDUSTRIAL CLASSIFICATION:	DEEP SEA FOREIGN TRANSPORTATION OF FREIGHT [4412]
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-32199
		FILM NUMBER:		071183718

	BUSINESS ADDRESS:	
		STREET 1:		14 PAR-LA-VILLE ROAD
		CITY:			HAMILTON, HM 08
		STATE:			D0
		ZIP:			00000-0000
		BUSINESS PHONE:		441-295-9500

	MAIL ADDRESS:	
		STREET 1:		14 PAR-LA-VILLE ROAD
		CITY:			HAMILTON, HM 08
		STATE:			D0
		ZIP:			00000-0000
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>d821177_6-k.htm
<DESCRIPTION>SHIP FINANCE
<TEXT>
<html>

  <head>
    <title>d821177_6-k.htm</title>
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  <body bgcolor="#ffffff"><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif;"><strong>UNITED
      STATES</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif;"><strong>SECURITIES
      AND EXCHANGE COMMISSION</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif;"><strong>Washington,
      D.C. 20549</strong></font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif;"><strong>FORM
      6-K</strong></font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif;"><strong>REPORT
      OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13A-16 OR </strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif;"><strong>15D-16
      OF THE SECURITIES EXCHANGE ACT OF 1934</strong></font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">For
      the month of October 2007</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">Commission
      File Number:&#160;&#160;0-22704</font></div>
    <div><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">

          <tr>
            <td valign="top" width="74%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">Ship
                Finance International Limited</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="74%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">(Translation
                of registrant&#8217;s name into English)</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="74%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
          </tr>
          <tr>
            <td valign="top" width="74%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">Par-la-Ville
                Place, 14 Par-la-Ville Road, Hamilton, HM 08, Bermuda</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="74%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">(Address
                of principal executive office)</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">Indicate
      by check mark whether the registrant files or will file annual reports under
      cover of Form 20-F or Form 40-F.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">Form
      20-F [X]&#160;&#160;&#160;&#160;&#160;&#160;&#160;Form 40-F
      [&#160;&#160;]</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">Indicate
      by check mark if the registrant is submitting the Form 6-K in paper as permitted
      by Regulation S-T Rule 101(b)(1): ___</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">Indicate
      by check mark if the registrant is submitting the Form 6-K in paper as permitted
      by Regulation S-T Rule 101(b)7: ___</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">Indicate
      by check mark whether the registrant by furnishing the information contained
      in
      this Form is also thereby furnishing the information to the Commission pursuant
      to Rule 12g3-2(b) under the Securities Exchange Act of 1934.&#160;&#160;Yes
      [_]&#160;&#160;&#160;No [X]</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">If
      &#8220;Yes&#8221; is marked, indicate below the file number assigned to the registrant in
      connection with Rule 12g3-2(b):</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">82-______________.</font></div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif;"><strong>INFORMATION
      CONTAINED IN THIS FORM 6-K REPORT</strong></font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">Attached
      as Exhibit 1 is a copy of the amended and restated Bye-Laws of Ship Finance
      International Limited (the &#8220;Company&#8221;) as adopted by the board of directors of
      the Company on September 28, 2007<font style="DISPLAY: inline; FONT-SIZE: 12pt;">.</font></font></div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif;"><strong>SIGNATURES</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">Pursuant
      to the requirements of the Securities Exchange Act of 1934, the registrant
      has
      duly caused this report to be signed on its behalf by the undersigned, thereunto
      duly authorised.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 234pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">Ship
      Finance International Limited</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">Dated:&#160;&#160;October
      22,
      2007&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;By&#160;<u>
      /s/&#160;&#160;&#160;&#160;&#160;&#160; Lars
      Solbakken&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</u></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 243pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">&#160;
      Name:&#160;&#160;Lars Solbakken</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 243pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">&#160;
      Title:&#160;&#160;&#160; Chief Executive Officer</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 243pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
      &#160;Ship Finance Management AS</font></div>
    <div><br></div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
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        </div>
      </div>
      <div id="HDR">
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        </div>
      </div>
    </div><br></body>
</html>


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-1
<SEQUENCE>2
<FILENAME>d821228_ex-1.htm
<DESCRIPTION>BY-LAWS
<TEXT>
<html>

  <head>
    <title>d821228_ex-1.htm</title>
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  <body bgcolor="#ffffff"><br><br>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;"><strong><u>B
      Y E - L A W S</u></strong></font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;"><strong><u>OF</u></strong></font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;"><strong><u>SHIP
      FINANCE INTERNATIONAL LIMITED</u></strong></font></div>
    <div><br></div>
    <div><br></div>
    <div><br></div>
    <div><br></div>
    <div><br></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;"><strong>Amended
      and adopted on the 28<font style="DISPLAY: inline; FONT-SIZE: 8pt;"><sup>th</sup></font> day of September,
      2007</strong></font></div>
    <div><br></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div><br></div>
    <div><br></div>
    <div><br></div>
    <div><br></div>
    <div><br></div>
    <div><br></div>
    <div><br></div>
    <div><br></div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;"><strong><u>B
      Y E &#8211; L A W S</u></strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;"><strong><u>of</u></strong></font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;"><strong><u>Ship
      Finance International Limited</u></strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;"><strong><u>INTERPRETATION</u></strong></font></div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 18pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">1.</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">In
                these Bye-laws and any Schedule below unless the context otherwise
                requires:</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">&#8220;<strong>Alternate
      Director</strong>&#8221; means such person or persons as shall be appointed from time
      to time pursuant to Bye-law85;</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">&#8220;<strong>Bermuda</strong>&#8221;
      means the Islands of Bermuda;</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">&#8220;<strong>Board</strong>&#8221;
      means the Board of Directors of the Company or the Directors present at a
      meeting of Directors at which there is a quorum;</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">&#8220;<strong>the
      Companies Acts</strong>&#8221; means every Bermuda statute from time to time in force
      concerning companies insofar as the same applies to the Company;</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">&#8220;<strong>Company</strong>&#8221;
      means the company incorporated in Bermuda under the name of Ship Finance
      International Limited on the 10<font style="DISPLAY: inline; FONT-SIZE: 8pt;"><sup>th</sup></font> day of October
      ,
      2003;</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">&#8220;<strong>Director</strong>&#8221;
      means such person or persons as shall be elected or appointed to the Board
      from
      time to time pursuant to Bye-law81, Bye-law 82 or the Companies
      Acts;</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">&#8220;<strong>Electronic
      Record</strong>&#8221; means a record created, stored, generated, received or
      communicated by electronic means and includes any electronic code or device
      necessary to decrypt or interpret such a record;</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">&#8220;<strong>Independent
      Director</strong>&#8221; shall mean &#8220;independent director&#8221; as such term is defined by
      the New York Stock Exchange corporate governance rules of the main securities
      exchange on which the Company&#8217;s common shares may be listed from time to
      time;</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">&#8220;<strong>Memorandum
      of Association</strong>&#8221; means the Memorandum of Association of the Company as
      amended from time to time;</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">&#8220;<strong>Officer</strong>&#8221;
      means such person or persons as shall be appointed from time to time by the
      Board pursuant to Bye-law 108;</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">&#8220;<strong>paid
      up</strong>&#8221; means paid up or credited as paid up;</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">&#8220;<strong>Principal
      Act</strong>&#8221; means The Companies Act, 1981 (Bermuda) as amended, restated or
      re-enacted from time to time;</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">&#8220;<strong>Register</strong>&#8221;
      means the Register of Shareholders of the Company;</font></div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">&#8220;<strong>Registered
      Office</strong>&#8221; means the registered office for the time being of the
      Company;</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">"<strong>Registrar</strong>"
      means such person or body corporate as may, from time to time, be appointed
      by
      the Board as Registrar;</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">&#8220;<strong>Resident
      Representative</strong>&#8221; means any person appointed to act as the resident
      representative of the Company and includes any deputy or assistant resident
      representatives;</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">&#8220;<strong>Resolution</strong>&#8221;
      means a resolution of the Shareholders or, where required, of a separate class
      or separate classes of Shareholders, adopted either in general meeting or by
      written resolution, in accordance with the provisions of these
      Bye-laws;</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">&#8220;<strong>Seal</strong>&#8221;
      means the common seal of the Company and includes any duplicate
      thereof;</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">&#8220;<strong>Secretary</strong>&#8221;
      includes a temporary or assistant Secretary and any person appointed by the
      Board to perform any of the duties of the Secretary;</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">&#8220;<strong>Shareholder</strong>&#8221;
      means a shareholder or member of the Company;</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">&#8220;<strong>Treasury
      Shares</strong>&#8221; means any share of the Company that was acquired and held by
      the Company, or as treated as having been acquired and held by the Company
      which
      has been on hold continuously by the Company since it was acquired and which
      has
      not been cancelled;</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">&#8220;<strong>these
      Bye-laws</strong>&#8221; means these Bye-laws in their present form or as from time to
      time amended;</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">for
      the
      purposes of these Bye-laws a corporation shall be deemed to be present in person
      if its representative duly authorised pursuant to the Companies Acts is
      present;</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">words
      importing only the singular number include the plural number and vice
      versa;</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">words
      importing only the masculine gender include the feminine and neuter genders
      respectively;</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">words
      importing persons include companies or associations or bodies of persons,
      whether corporate or un-incorporate wherever established;</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">reference
      to writing shall include typewriting, printing, lithography, photography and
      other modes of representing or reproducing words in a legible and non-transitory
      form;</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">unless
      otherwise defined herein, any words or expressions defined in the Principal
      Act
      in force on the date when these Bye-laws, or any part thereof, are adopted
      shall
      bear the same meaning in these Bye-laws or such part (as the case may be);
      and</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">any
      reference in these Bye-Laws to any statute or section thereof shall, unless
      expressly stated, be deemed to be a reference to such statute or section as
      amended, restated or re-enacted from time to time.</font></div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div><br>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">These
      Bye-laws shall be read subject to the provisions of the Memorandum of
      Association and in the event of any ambiguity or inconsistency, between the
      Memorandum of Association and these Bye-laws, the provisions of the Memorandum
      of Association shall prevail.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;"><strong><u>REGISTERED
      OFFICE</u></strong></font></div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">2.</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">The
                Registered Office shall be at such place in Bermuda as the Board
                shall
                from time to time appoint.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div>&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;"><strong><u>SHARE
      RIGHTS</u></strong></font></div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">3.</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">Subject
                to any special rights conferred on the holders of any share or class
                of
                shares, any share in the Company may be issued with or have attached
                thereto such preferred, deferred, qualified or other special rights
                or
                such restrictions, whether in regard to dividend, voting, return
                of
                capital or otherwise, as the Company may by Resolution determine
                or, if
                there has not been any such determination or so far as the same shall
                not
                make specific provision, as the Board may
                determine.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">4.</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">Subject
                to the Companies Acts, any preference shares may, with the sanction
                of a
                Resolution, be issued on terms:</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div>&#160;</div>
            </td>
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">(a)</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">that
                they are to be redeemed on the happening of a specified event or
                on a
                given date; and/or,</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div>&#160;</div>
            </td>
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">(b)</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">that
                they are liable to be redeemed at the option of the Company;
                and/or,</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div>&#160;</div>
            </td>
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">(c)</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">if
                authorised by the&#160;&#160;memorandum of association or incorporating
                act of the Company, that they are liable to be redeemed at the option
                of
                the holder.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">The
      terms
      and manner of redemption shall be provided for by way of amendment of these
      Bye-laws.</font></div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">5.</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">At
                any time that the Company holds Treasury Shares, all of the rights
                attaching to the Treasury Shares shall be suspended and shall not
                be
                exercised by the Company.&#160;&#160;Without limiting the generality of
                the foregoing, it the Company holds Treasury Shares, the Company
                shall not
                have any right to attend and vote at a general meeting or sign written
                resolutions and any purported exercise of such a right is
                void.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">6.</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">Except
                where required by the Principal Act, Treasury Shares shall be excluded
                from the calculation of any percentage or fraction of the share capital
                or
                shares of the Company.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div>&#160;</div>
    <div>&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
          </div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">&#160;</div>
      <div id="HDR">&#160;</div>
    </div>
    <div id="PN" style="PAGE-BREAK-AFTER: always">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;"><strong><u>MODIFICATION
      OF RIGHTS</u></strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

          <tr valign="top">
            <td style="WIDTH: 36pt"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond;">7.&#160;</font></td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond;">Subject
                to
                the Companies Acts, all or any of the special rights for the time
                being
                attached to any class of shares for the time being issued may from
                time to
                time (whether or not the Company is being wound up) be altered or
                abrogated with the consent in writing of the holders of not less
                than
                seventy five percent of the issued shares of that class or with the
                sanction of a resolution passed at a separate general meeting of
                the
                holders of such shares voting in person or by proxy.&#160; To any such
                separate general meeting, all the provisions of these Bye-laws as
                to
                general meetings of the Company shall mutatis mutandis apply, but
                so that
                the necessary quorum shall be two or more persons holding or representing
                by proxy any of the shares of the relevant class, that every holder
                of
                shares of the relevant class shall be entitled on a poll to one vote
                for
                every such share held by him and that any holder of shares of the
                relevant
                class present in person or by proxy may demand a poll; provided,
                however,
                that if the Company or a class of Shareholders shall have only one
                Shareholder, one Shareholder present in person or by proxy shall
                constitute the necessary quorum.</font></div>
            </td>
          </tr>

      </table>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;</font></td>
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;</font></td>
          </tr>

      </table>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">8.</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">The
                special rights conferred upon the holders of any shares or class
                of shares
                shall not, unless otherwise expressly provided in the rights attaching
                to
                or the terms of issue of such shares, be deemed to be altered by
                the
                creation or issue of further shares ranking pari passu
                therewith.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;</font></td>
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;</font></td>
          </tr>

      </table>
    </div>
    <div><br>&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div>&#160;</div>
            </td>
            <td>
              <div align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;"><strong>POWER
                TO PURCHASE OWN SHARES</strong></font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">9.</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">The
                Company shall have the power to purchase its own shares for
                cancellation.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">10.</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">The
                Company shall have the power to acquire its own shares to be held
                as
                Treasury Shares.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">11.</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">The
                Board may exercise all of the powers of the Company to purchase or
                acquire
                its own shares, whether for cancellation or to be held as Treasury
                Shares
                in accordance with the Principal
                Act.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;"><strong><u>SHARES</u></strong></font></div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">12.</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">Subject
                to the provisions of these Bye-laws and to any rights attaching to
                issued
                and outstanding shares, the unissued shares of the Company shall
                be at the
                disposal of the Board, which may issue, offer, allot, exchange or
                otherwise dispose of shares or options, warrants or other rights
                to
                purchase shares or securities convertible into or exchangeable for
                shares
                (including any employee benefit plan providing for the issuance of
                shares
                or options, warrants or other rights in respect thereof), at such
                times,
                for such consideration and on such terms and conditions as the Board
                may
                determine (including, without limitation, such preferred or other
                special
                rights or restrictions with respect to dividend, voting, liquidation
                or
                other rights of the shares). </font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">13</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">The
                Board may in connection with the issue of any shares exercise all
                powers
                of paying commission and brokerage conferred or permitted by
                law.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">14.</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">Except
                as ordered by a court of competent jurisdiction or as required by
                law, no
                person shall be recognised by the Company as holding any share upon
                trust
                and the Company shall not be bound by or required in any way to recognise
                (even when having notice thereof) any equitable, contingent, future
                or
                partial interest in any share or any interest in any fractional part
                of a
                share or (except only as otherwise provided in these Bye-laws or
                by law)
                any other right in respect of any share except an absolute right
                to the
                entirety thereof in the registered
                holder.</font></div>
            </td>
          </tr>

      </table>
    </div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div>&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond;"><strong><u>CERTIFICATES</u></strong></font></div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">15.</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">The
                preparation, issue and delivery of share certificates shall be governed
                by
                the Companies Acts.&#160;&#160;In the case of a share held jointly by
                several persons, delivery of a certificate to one of several joint
                holders
                shall be sufficient delivery to
                all.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">16.</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">If
                a share certificate is defaced, lost or destroyed it may be replaced
                without fee but on such terms (if any) as to evidence and indemnity
                and to
                payment of the costs and out of pocket expenses of the Company in
                investigating such evidence and preparing such indemnity as the Board
                may
                think fit and, in case of defacement, on delivery of the old certificate
                to the Company.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">17.</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">All
                certificates for share or loan capital or other securities of the
                Company
                (other than letters of allotment, scrip certificates and other like
                documents) shall, except to the extent that the terms and conditions
                for
                the time being relating thereto otherwise provide, be issued under
                the
                Seal. The Board may by resolution determine, either generally or
                in any
                particular case, that any signatures on any such certificates need
                not be
                autographic but may be affixed to such certificates by some mechanical
                means or may be printed thereon or that such certificates need not
                be
                signed by any persons.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;"><strong><u>LIEN</u></strong></font></div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">18.</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">The
                Company shall have a first and paramount lien on every share (not
                being a
                fully paid share) for all moneys, whether presently payable or not,
                called
                or payable, at a date fixed by or in accordance with the terms of
                issue of
                such share in respect of such share, and the Company shall also have
                a
                first and paramount lien on every share (other than a fully paid
                share)
                standing registered in the name of a Shareholder, whether singly
                or
                jointly with any other person, for all the debts and liabilities
                of such
                Shareholder or his estate to the Company, whether the same shall
                have been
                incurred before or after notice to the Company of any interest of
                any
                person other than such Shareholder, and whether the time for the
                payment
                or discharge of the same shall have actually arrived or not, and
                notwithstanding that the same are joint debts or liabilities of such
                Shareholder or his estate and any other person, whether a Shareholder
                or
                not.&#160;&#160;The Company&#8217;s lien on a share shall extend to all
                dividends payable thereon.&#160;&#160;The Board may at any time, either
                generally or in any particular case, waive any lien that has arisen
                or
                declare any share to be wholly or in part exempt from the provisions
                of
                this Bye-law.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">19.</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">The
                Company may sell, in such manner as the Board may think fit, any
                share on
                which the Company has a lien but no sale shall be made unless some
                sum in
                respect of which the lien exists is presently payable nor until the
                expiration of fourteen days after a notice in writing, stating and
                demanding payment of the sum presently payable and giving notice
                of the
                intention to sell in default of such payment, has been served on
                the
                holder for the time being of the share.</font></div>
            </td>
          </tr>

      </table>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;</font></td>
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;</font></td>
          </tr>

      </table>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

          <tr valign="top">
            <td style="WIDTH: 36pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;<font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman;">20.</font></font></td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;<font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond;">The
                net
                proceeds of sale by the Company of any shares on which it has a lien
                shall
                be applied in or towards payment or discharge of the debt or liability
                in
                respect of which the lien exists so far as the same is presently
                payable,
                and any residue shall (subject to a like lien for debts or liabilities
                not
                presently payable as existed upon the share prior to the sale) be
                paid to
                the holder of the share immediately before such sale.&#160; For giving
                effect to any such sale the Board may authorise some person to transfer
                the share sold to the purchaser thereof.&#160; The purchaser shall be
                registered as the holder of the share and he shall not be bound to
                see to
                the application of the purchase money, nor shall his title to the
                share be
                affected by any irregularity or invalidity in the proceedings relating
                to
                the sale.</font></font></div>
            </td>
          </tr>

      </table>
    </div>
    <div>&#160;</div>
    <div id="PN" style="PAGE-BREAK-AFTER: always">
      <div style="WIDTH: 100%; TEXT-ALIGN: center">
        <hr style="COLOR: black" noshade size="2">
      </div>
    </div>
    <div id="HDR">
    </div>
    <div>&#160;</div>
    <div>&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;"><strong><u>CALLS
      ON SHARES</u></strong></font></div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">21.</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">The
                Board may from time to time make calls upon the Shareholders in respect
                of
                any moneys unpaid on their shares (whether on account of the par
                value of
                the shares or by way of premium) and not by the terms of issue thereof
                made payable at a date fixed by or in accordance with such terms
                of issue,
                and each Shareholder shall (subject to the Company serving upon him
                at
                least fourteen days notice specifying the time or times and place
                of
                payment) pay to the Company at the time or times and place so specified
                the amount called on his shares.&#160;&#160;A call may be revoked or
                postponed as the Board may
                determine.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">22.</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">A
                call may be made payable by installments and shall be deemed to have
                been
                made at the time when the resolution of the Board authorizing the
                call was
                passed.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">23.</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">The
                joint holders of a share shall be jointly and severally liable to
                pay all
                calls in respect thereof.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">24.</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">If
                a sum called in respect of the share shall not be paid before or
                on the
                day appointed for payment thereof the person from whom the sum is
                due
                shall pay interest on the sum from the day appointed for the payment
                thereof to the time of actual payment at such rate as the Board may
                determine, but the Board shall be at liberty to waive payment of
                such
                interest wholly or in part.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">25.</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">Any
                sum which, by the terms of issue of a share, becomes payable on allotment
                or at any date fixed by or in accordance with such terms of issue,
                whether
                on account of the nominal amount of the share or by way of premium,
                shall
                for all the purposes of these Bye-laws be deemed to be a call duly
                made,
                notified and payable on the date on which, by the terms of issue,
                the same
                becomes payable and, in case of non-payment, all the relevant provisions
                of these Bye-laws as to payment of interest, forfeiture or otherwise
                shall
                apply as if such sum had become payable by virtue of a call duly
                made and
                notified.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">26.</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">The
                Board may on the issue of shares differentiate between the allottees
                or
                holders as to the amount of calls to be paid and the times of
                payment.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;"><strong><u>FORFEITURE
      OF SHARES</u></strong></font></div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">27.</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">If
                a Shareholder fails to pay any call or installment of a call on the
                day
                appointed for payment thereof, the Board may at any time thereafter
                during
                such time as any part of such call or installment remains unpaid
                serve a
                notice on him requiring payment of so much of the call or installment
                as
                is unpaid, together with any interest which may have
                accrued.</font></div>
            </td>
          </tr>

      </table>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;</font></td>
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;</font></td>
          </tr>

      </table>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

          <tr valign="top">
            <td style="WIDTH: 36pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;<font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman;">28.</font></font></td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond;">The
                notice
                shall name a further day (not being less than 14 days from the date
                of the
                notice) on or before which, and the place where, the payment required
                by
                the notice is to be made and shall state that, in the event of non-payment
                on or before the day and at the place appointed, the shares in respect
                of
                which such call is made or installment is payable will be liable
                to be
                forfeited.&#160; The Board may accept the surrender of any share liable to
                be forfeited hereunder and, in such case, references in these Bye-laws
                to
                forfeiture shall include surrender.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div>&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div><br>
    <div>&#160;</div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">29.</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">If
                the requirements of any such notice as aforesaid are not complied
                with,
                any share in respect of which such notice has been given may at any
                time
                thereafter, before payment of all calls or installments and interest
                due
                in respect thereof has been made, be forfeited by a resolution of
                the
                Board to that effect.&#160;&#160;Such forfeiture shall include all
                dividends declared in respect of the forfeited shares and not actually
                paid before the forfeiture.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">30.</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">When
                any share has been forfeited, notice of the forfeiture shall be served
                upon the person who was before forfeiture the holder of the share;
                but no
                forfeiture shall be in any manner invalidated by any omission or
                neglect
                to give such notice as aforesaid.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">31.</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">A
                forfeited share shall be deemed to be the property of the Company
                and may
                be sold, re-offered or otherwise disposed of either to the person
                who was,
                before forfeiture, the holder thereof or entitled thereto or to any
                other
                person upon such terms and in such manner as the Board shall think
                fit,
                and at any time before a sale, re-allotment or disposition the forfeiture
                may be cancelled on such terms as the Board may think
                fit.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">32.</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">A
                person whose shares have been forfeited shall thereupon cease to
                be a
                Shareholder in respect of the forfeited shares but shall, notwithstanding
                the forfeiture, remain liable to pay to the Company all moneys which
                at
                the date of forfeiture were presently payable by him to the Company
                in
                respect of the shares with interest thereon at such rate as the Board
                may
                determine from the date of forfeiture until payment, and the Company
                may
                enforce payment without being under any obligation to make any allowance
                for the value of the shares
                forfeited.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">33.</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">An
                affidavit in writing that the deponent is a Director or the Secretary
                and
                that a share has been duly forfeited on the date stated in the affidavit
                shall be conclusive evidence of the facts therein stated as against
                all
                persons claiming to be entitled to the share.&#160;&#160;The Company may
                receive the consideration (if any) given for the share on the sale,
                re-allotment or disposition thereof and the Board may authorise some
                person to transfer the share to the person to whom the same is sold,
                re-allotted or disposed of, and he shall thereupon be registered
                as the
                holder of the share and shall not be bound to see to the application
                of
                the purchase money (if any) nor shall his title to the share be affected
                by any irregularity or invalidity in the proceedings relating to
                the
                forfeiture, sale, re-allotment or disposal of the
                share.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;"><strong><u>REGISTER
      OF SHAREHOLDERS</u></strong></font></div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">34.</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">The
                Secretary shall establish and maintain the Register of Shareholders
                in the
                manner prescribed by the Companies Acts.&#160;&#160;Unless the Board
                otherwise determines, the Register of Shareholders shall be open
                to
                inspection in the manner prescribed by the Companies Acts between
                10.00
                a.m. and 12.00 noon on every working day. Unless the Board otherwise
                determines, no Shareholder or intending Shareholder shall be entitled
                to
                have entered in the Register any indication of any trust or any equitable,
                contingent, future or partial interest in any share or any interest
                in any
                fractional part of a share and if any such entry exists or is permitted
                by
                the Board it shall not be deemed to abrogate any of the provisions
                of
                Bye-law 14.</font></div>
            </td>
          </tr>

      </table>
    </div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div><br>
    <div>&#160;</div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;"><strong><u>REGISTER
      OF DIRECTORS AND OFFICERS</u></strong></font></div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">35.</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">The
                Secretary shall establish and maintain a register of the Directors
                and
                Officers of the Company as required by the Companies Acts.&#160;&#160;The
                register of Directors and Officers shall be open to inspection in
                the
                manner prescribed by the Companies Acts between 10:00 a.m. and 12:00
                noon
                on every working day.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;"><strong><u>TRANSFER
      OF SHARES</u></strong></font></div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">36.</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">Subject
                to the Companies Acts and to such of the restrictions contained in
                these
                Bye-laws as may be applicable, any Shareholder may transfer all or
                any of
                his shares by an instrument of transfer in the usual common form
                or in any
                other form which the Board may
                approve.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">37.</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">The
                instrument of transfer of a share shall be signed by or on behalf
                of the
                transferor and where any share is not fully-paid the transferee,
                and the
                transferor shall be deemed to remain the holder of the share until
                the
                name of the transferee is entered in the Register in respect thereof.
                All
                instruments of transfer when registered may be retained by the Company.
                The Board may, in its absolute discretion and without assigning any
                reason
                therefor, decline to register any transfer of any share which is
                not a
                fully-paid share.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">The
      Board
      may also decline to register any transfer unless:-</font></div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div>&#160;</div>
            </td>
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">(a)</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">the
                instrument of transfer is duly stamped and lodged with the Company,
                accompanied by the certificate for the shares to which it relates,
                and
                such other evidence as the Board may reasonably require to show the
                right
                of the transferor to make the
                transfer,</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div>&#160;</div>
            </td>
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">(b)</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">the
                instrument of transfer is in respect of only one class of
                share,</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div>&#160;</div>
            </td>
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">(c)</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">where
                applicable, the permission of the Bermuda Monetary Authority with
                respect
                thereto has been obtained.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">Subject
      to any directions of the Board from time to time in force, the Secretary may
      exercise the powers and discretions of the Board under this Bye-law and
      Bye-law36.</font></div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">38.</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">If
                the Board declines to register a transfer it shall, within three
                months
                after the date on which the instrument of transfer was lodged, send
                to the
                transferee notice of such refusal.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">39.</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">No
                fee shall be charged by the Company for registering any transfer,
                probate,
                letters of administration, certificate of death or marriage, power
                of
                attorney, distringas or stop notice, order of court or other instrument
                relating to or affecting the title to any share, or otherwise making
                an
                entry in the Register relating to any
                share.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">40.&#160;&#160;&#160;&#160;&#160;&#160;&#160;The
      Company may dispose of or transfer Treasury Shares for cash or other
      consideration.</font></div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond;"><strong><u>TRANSMISSION
      OF SHARES</u></strong></font></div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">41.</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">In
                the case of the death of a Shareholder, the survivor or survivors,
                where
                the deceased was a joint holder, and the estate representative, where
                he
                was sole holder, shall be the only person recognised by the Company
                as
                having any title to his shares; but nothing herein contained shall
                release
                the estate of a deceased holder (whether the sole or joint) from
                any
                liability in respect of any share held by him solely or jointly with
                other
                persons.&#160;&#160;For the purpose of this Bye-law, estate representative
                means the person to whom probate or letters of administration has
                or have
                been granted in Bermuda or, failing any such person, such other person
                as
                the Board may in its absolute discretion determine to be the person
                recognised by the Company for the purpose of this
                Bye-law.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">42.</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">Any
                person becoming entitled to a share in consequence of the death of
                a
                Shareholder or otherwise by operation of applicable law may, subject
                as
                hereafter provided and upon such evidence being produced as may from
                time
                to time be required by the Board as to his entitlement, either be
                registered himself as the holder of the share or elect to have some
                person
                nominated by him registered as the transferee thereof.&#160;&#160;If the
                person so becoming entitled elects to be registered himself, he shall
                deliver or send to the Company a notice in writing signed by him
                stating
                that he so elects.&#160;&#160;If he shall elect to have his nominee
                registered, he shall signify his election by signing an instrument
                of
                transfer of such share in favour of his nominee.&#160;&#160;All the
                limitations, restrictions and provisions of these Bye-laws relating
                to the
                right to transfer and the registration of transfer of shares shall
                be
                applicable to any such notice or instrument of transfer as aforesaid
                as if
                the death of the Shareholder or other event giving rise to the
                transmission had not occurred and the notice or instrument of transfer
                was
                an instrument of transfer signed by such
                Shareholder.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">43.</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">A
                person becoming entitled to a share in consequence of the death of
                a
                Shareholder or otherwise by operation of applicable law shall (upon
                such
                evidence being produced as may from time to time be required by the
                Board
                as to his entitlement) be entitled to receive and may give a discharge
                for
                any dividends or other moneys payable in respect of the share, but
                he
                shall not be entitled in respect of the share to receive notices
                of or to
                attend or vote at general meetings of the Company or, save as aforesaid,
                to exercise in respect of the share any of the rights or privileges
                of a
                Shareholder until he shall have become registered as the holder thereof.
                The Board may at any time give notice requiring such person to elect
                either to be registered himself or to transfer the share and if the
                notice
                is not complied with within sixty days the Board may thereafter withhold
                payment of all dividends and other moneys payable in respect of the
                shares
                until the requirements of the notice have been complied
                with.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">44.</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">Subject
                to any directions of the Board from time to time in force, the Secretary
                may exercise the powers and discretions of the Board under Bye-laws
                36, 37
                and 38.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;"><strong><u>INCREASE
      OF CAPITAL</u></strong></font></div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">45.</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">The
                Company may from time to time increase its capital by such sum to
                be
                divided into shares of such par value as the Company by Resolution
                shall
                prescribe.</font></div>
            </td>
          </tr>

      </table>
    </div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div><br>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

          <tr valign="top">
            <td style="WIDTH: 36pt"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman;">&#160;46.</font></td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond;">The
                Company may, by the Resolution increasing the capital, direct that
                the new
                shares or any of them shall be offered in the first instance either
                at par
                or at a premium or (subject to the provisions of the Companies Acts)
                at a
                discount to all the holders for the time being of shares of any class
                or
                classes in proportion to the number of such shares held by them
                respectively or make any other provision as to the issue of the new
                shares.</font></font></div>
            </td>
          </tr>

      </table>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;</font></td>
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;</font></td>
          </tr>

      </table>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond;">47.</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond;">The
                new
                shares shall be subject to all the provisions of these Bye-laws with
                reference to lien, the payment of calls, forfeiture, transfer,
                transmission and otherwise.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;"><strong><u>ALTERATION
      OF CAPITAL</u></strong></font></div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">48.</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">The
                Company may from time to time by
                Resolution:-</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div>&#160;</div>
            </td>
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">(a)</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">increase
                its capital as provided by Bye-Law
                45.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div>&#160;</div>
            </td>
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">(b)</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">divide
                its shares into several classes and attach thereto respectively any
                preferential, deferred, qualified or special rights, privileges or
                conditions;</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div>&#160;</div>
            </td>
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">(c)</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">consolidate
                and divide all or any of its share capital into shares of larger
                par value
                than its existing shares;</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div>&#160;</div>
            </td>
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">(d)</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">sub-divide
                its shares or any of them into shares of smaller par value than is
                fixed
                by its memorandum, so, however, that in the sub-division the proportion
                between the amount paid and the amount, if any, unpaid on each reduced
                share shall be the same as it was in the case of the share from which
                the
                reduced share is derived;</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div>&#160;</div>
            </td>
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">(e)</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">make
                provision for the issue and allotment of shares which do not carry
                any
                voting rights;</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div>&#160;</div>
            </td>
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">(f)</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">cancel
                shares which, at the date of the passing of the Resolution in that
                behalf,
                have not been taken or agreed to be taken by any person, and diminish
                the
                amount of its share capital by the amount of the shares so cancelled;
                and</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div>&#160;</div>
            </td>
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">(g)</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">change
                the currency denomination of its
                share&#160;&#160;capital.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">Where
      any
      difficulty arises in regard to any division, consolidation, or sub-division
      under this Bye-law, the Board may settle the same as it thinks expedient and,
      in
      particular, may arrange for the sale of the shares representing fractions and
      the distribution of the net proceeds of sale in due proportion amongst the
      Shareholders who would have been entitled to the fractions, and for this purpose
      the Board may authorise some person to transfer the shares representing
      fractions to the purchaser thereof, who shall not be bound to see to the
      application of the purchase money nor shall his title to the shares be affected
      by any irregularity or invalidity in the proceedings relating to the
      sale.</font></div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">49.</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">Subject
                to the Companies Acts and to any confirmation or consent required
                by law
                or these Bye-laws, the Company may by Resolution from time to time
                convert
                any preference shares into redeemable preference
                shares.</font></div>
            </td>
          </tr>

      </table>
    </div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond;"><u><strong>REDUCTION
      OF CAPITAL</strong></u></font></div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">50.</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">Subject
                to the Companies Acts, its memorandum and any confirmation or consent
                required by law or these Bye-laws, the Company may from time to time
                by
                Resolution authorise the reduction of its issued share capital or
                any
                capital redemption reserve fund or any share premium or contributed
                surplus account in any manner.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">51.</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">In
                relation to any such reduction, the Company may by Resolution determine
                the terms upon which such reduction is to be effected including in
                the
                case of a reduction of part only of a class of shares, those shares
                to be
                affected.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;"><strong><u>GENERAL
      MEETINGS AND WRITTEN RESOLUTIONS</u></strong></font></div>
    <div><br></div>
    <div>&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

          <tr valign="top">
            <td style="WIDTH: 36pt"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman;">&#160;52.</font></td>
            <td style="WIDTH: 36pt"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman;">(a)</font></td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond;">The
                Board
                shall convene and the Company shall hold general meetings as Annual
                General Meetings in accordance with the requirements of the Companies
                Acts
                at such times and places as the Board shall appoint.&#160; The Board may,
                whenever it thinks fit, and shall, when required by the Companies
                Acts,
                convene general meetings other than Annual General Meetings which
                shall be
                called Special General Meetings.</font></div>
            </td>
          </tr>

      </table>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;</font></td>
            <td style="WIDTH: 36pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;</font></td>
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;</font></td>
          </tr>

      </table>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div>&#160;</div>
            </td>
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">(b)</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">Except
                in the case of the removal of auditors and Directors, anything which
                may
                be done by resolution of the Company in general meeting or by resolution
                of a meeting of any class of the Shareholders of the Company may,
                without
                a meeting and without any previous notice being required, be done
                by
                resolution in writing, signed by a simple majority of all of the
                Shareholders (or such greater majority as is required by the Companies
                Acts or these Bye-Laws) or their proxies, or in the case of a Shareholder
                that is a corporation (whether or not a company within the meaning
                of the
                Companies Acts) on behalf of such Shareholder, being all of the
                Shareholders of the Company who at the date of the resolution in
                writing
                would be entitled to attend a meeting and vote on the
                resolution.&#160;&#160;Such resolution in writing may be signed by, or in
                the case of a Shareholder that is a corporation (whether or not a
                company
                within the meaning of the Companies Acts), on behalf of, all the
                Shareholders of the Company, or any class thereof, in as many counterparts
                as may be necessary.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div>&#160;</div>
            </td>
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">(c)</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">A
                resolution in writing is passed&#160;&#160;when the resolution is signed
                by, or in the case of a Shareholder that is a corporation (whether
                or not
                a company within the meaning of the Companies Acts), on behalf of
                such
                number of the Shareholders of the Company who at the date of the
                notice
                represent a majority of votes as would be required if the resolution
                had
                been voted on at a meeting of the
                Shareholders.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div>&#160;</div>
            </td>
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">(d)</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">A
                resolution in writing made in accordance with this Bye-law is as
                valid as
                if it had been passed by the Company in general meeting or, if applicable,
                by a meeting of the relevant class of Shareholders of the Company,
                as the
                case may be.&#160;&#160;A resolution in writing made in accordance with
                this Bye-law shall constitute minutes for the purposes of the Companies
                Acts and these Bye-laws.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div>&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div><br>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

          <tr valign="top">
            <td style="WIDTH: 72pt"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
              (e)</font></td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond;">Notice
                of
                any resolution to be made pursuant to Bye-Law 52 (b) shall be given,
                and a
                copy of the resolution shall be circulated, to all members who would
                be
                entitled to attend a meeting and vote on the resolution in the same
                manner
                as that required for a notice of a meeting of members at which the
                resolution could have been considered except that any requirement
                in the
                Companies Acts or these Bye-Laws as to the length of period of notice
                shall not apply.</font></div>
            </td>
          </tr>

      </table>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 72pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;</font></td>
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;</font></td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div>&#160;</div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;"><strong><u>NOTICE
      OF GENERAL MEETINGS</u></strong></font></div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">53.</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">An
                Annual General Meeting shall be called by not less than 5 days notice
                in
                writing and a Special General Meeting shall be called by not less
                than 5
                days notice in writing.&#160;&#160;The notice shall be exclusive of the
                day on which it is served or deemed to be served and of the day for
                which
                it is given, and shall specify the place, day and time of the meeting,
                and, in the case of a Special General Meeting, the general nature
                of the
                business to be considered. Notice of every general meeting shall
                be given
                in any manner permitted by these Bye-laws&#160;&#160;to all Shareholders
                other than such as, under the provisions of these Bye-laws or the
                terms of
                issue of the shares they hold, are not entitled to receive such notice
                from the Company.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">Notwithstanding
      that a meeting of the Company is called by shorter notice than that specified
      in
      this Bye-law, it shall be deemed to have been duly called if it is so
      agreed:-</font></div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 72pt">
              <div>&#160;</div>
            </td>
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">(a)</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">in
                the case of a meeting called as an Annual General Meeting, by all
                the
                Shareholders entitled to attend and vote
                thereat;</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 72pt">
              <div>&#160;</div>
            </td>
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">(b)</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">in
                the case of any other meeting, by a majority in number of the Shareholders
                having the right to attend and vote at the meeting, being a majority
                together holding not less than 95 percent in nominal value of the
                shares
                giving that right;</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">provided
      that notwithstanding any provision of these Bye-Laws, no Shareholder shall
      be
      entitled to attend any general meeting unless notice in writing of the intention
      to attend and vote in person or by proxy signed by or on behalf of the
      Shareholder (together with the power of attorney or other authority, if any,
      under which it is signed or a notarially certified copy thereof) addressed
      to
      the Secretary is deposited (by post, courier, facsimile transmission or other
      electronic means) at the Registered Office at least 48 hours before the time
      appointed for holding the general meeting or adjournment thereof.</font></div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">54.</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">The
                accidental omission to give notice of a meeting or (in cases where
                instruments of proxy are sent out with the notice) the accidental
                omission
                to send such instrument of proxy to, or the non-receipt of notice
                of a
                meeting or such instrument of proxy by, any person entitled to receive
                such notice shall not invalidate the proceedings at that
                meeting.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;"><strong><u>PROCEEDINGS
      AT GENERAL MEETINGS</u></strong></font></div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">55.</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">No
                business shall be transacted at any general meeting unless a quorum
                is
                present when the meeting proceeds to business, but the absence of
                a quorum
                shall not preclude the appointment, choice or election of a chairman,
                which shall not be treated as part of the business of the
                meeting.&#160;&#160;Save as otherwise provided by these Bye-laws, the
                quorum at any general meeting shall be constituted by one or more
                shareholders, either present in person or by proxy, holding in aggregate
                shares carrying 33 1/3% of the voting rights entitled to be exercised
                at
                such meeting.</font></div>
            </td>
          </tr>

      </table>
    </div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div><br>
    <div>&#160;</div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">56.</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">If
                within five minutes (or such longer time as the chairman of the meeting
                may determine to wait) after the time appointed for the meeting,
                a quorum
                is not present, the meeting, if convened on the requisition of
                Shareholders, shall be dissolved.&#160;&#160;In any other case, it shall
                stand adjourned to such other day and such other time and place as
                the
                chairman of the meeting may determine and at such adjourned meeting
                two
                Shareholders present in person or by proxy (whatever the number of
                shares
                held by them) shall be a quorum provided that if the Company shall
                have
                only one Shareholder, one Shareholder present in person or by proxy
                shall
                constitute the necessary quorum.&#160;&#160;The Company shall give not
                less than 5 days notice of any meeting adjourned through want of
                a quorum
                and such notice shall state that the sole Shareholder or, if more
                than
                one, two Shareholders present in person or by proxy (whatever the
                number
                of shares held by them) shall be a
                quorum.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">57.</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">A
                meeting of the Shareholders or any class thereof may be held by means
                of
                such telephone, electronic or other communication facilities as permit
                all
                persons participating in the meeting to communicate with each other
                simultaneously and instantaneously and participation in such a meeting
                shall constitute presence in person at such
                meeting.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">58.</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">Each
                Director shall be entitled to attend and speak at any general meeting
                of
                the Company.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">59.</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">The
                Chairman (if any) of the Board or, in his absence, the President
                shall
                preside as chairman at every general meeting.&#160;&#160;If there is no
                such Chairman or President, or if at any meeting neither the Chairman
                nor
                the President is present within five minutes after the time appointed
                for
                holding the meeting, or if neither of them is willing to act as chairman,
                the Directors present shall choose one of their number to act or
                if one
                Director only is present he shall preside as chairman if willing
                to
                act.&#160;&#160;If no Director is present, or if each of the Directors
                present declines to take the chair, the persons present and entitled
                to
                vote on a poll shall elect one of their number to be
                chairman.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">60.</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">The
                chairman of the meeting may, with the consent of any meeting at which
                a
                quorum is present (and shall if so directed by the meeting), adjourn
                the
                meeting from time to time and from place to place but no business
                shall be
                transacted at any adjourned meeting except business which might lawfully
                have been transacted at the meeting from which the adjournment took
                place.&#160;&#160;When a meeting is adjourned for three months or more,
                notice of the adjourned meeting shall be given as in the case of
                an
                original meeting.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">61.</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">Save
                as expressly provided by these Bye-laws, it shall not be necessary
                to give
                any notice of an adjournment or of the business to be transacted
                at an
                adjourned meeting.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;"><strong><u>VOTING</u></strong></font></div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">62.</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">Save
                where a greater majority is required by the Companies Acts or these
                Bye-laws, any question proposed for consideration at any general
                meeting
                shall be decided on by a simple majority of votes
                cast.</font></div>
            </td>
          </tr>

      </table>
    </div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div><br>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

          <tr valign="top">
            <td style="WIDTH: 48px">
              <div><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Garamond;">63.</font></div>
            </td>
            <td width="859">
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond;">At
                any
                general meeting, a resolution put to the vote of the meeting shall
                be
                decided on a show of hands or by a count of votes received in the
                form of
                electronic records unless (before or on the declaration of the result
                of
                the show of hands or on the withdrawal of any other demand for a
                poll) a
                poll is demanded by:-</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div>&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 72pt">
              <div>&#160;</div>
            </td>
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">(a)</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">the
                chairman of the meeting; or</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 72pt">
              <div>&#160;</div>
            </td>
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">(b)</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">at
                least three Shareholders present in person or represented by proxy;
                or</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 72pt">
              <div>&#160;</div>
            </td>
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">(c)</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">any
                Shareholder or Shareholders present in person or represented by proxy
                and
                holding between them not less than one tenth of the total voting
                rights of
                all the Shareholders having the right to vote at such meeting;
                or</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 72pt">
              <div>&#160;</div>
            </td>
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">(d)</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">a
                Shareholder or Shareholders present in person or represented by proxy
                holding shares conferring the right to vote at such meeting, being
                shares
                on which an aggregate sum has been paid up equal to not less than
                one
                tenth of the total sum paid up on all such shares conferring such
                right.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">Unless
      a
      poll is so demanded and the demand is not withdrawn, a declaration by the
      chairman that a resolution has, on a show of hands, or on a count of votes
      received in the form of electronic records, been carried or carried unanimously
      or by a particular majority or not carried by a particular majority or lost
      shall be final and conclusive, and an entry to that effect in the minute book
      of
      the Company shall be conclusive evidence of the fact without proof of the number
      of votes recorded for or against such resolution.</font></div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">64.</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">If
                a poll is duly demanded, the result of the poll shall be deemed to
                be the
                resolution of the meeting at which the poll is
                demanded.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">65.</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">A
                poll demanded on the election of a chairman, or on a question of
                adjournment, shall be taken forthwith.&#160;&#160;A poll demanded on any
                other question shall be taken in such manner and either forthwith
                or at
                such time (being not later than three months after the date of the
                demand)
                and place as the chairman shall direct.&#160;&#160;It shall not be
                necessary (unless the chairman otherwise directs) for notice to be
                given
                of a poll.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">66.</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">The
                demand for a poll shall not prevent the continuance of a meeting
                for the
                transaction of any business other than the question on which the
                poll has
                been demanded and it may be withdrawn at any time before the close
                of the
                meeting or the taking of the poll, whichever is the
                earlier.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">67.</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">On
                a poll, votes may be cast either personally or by
                proxy.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">68.</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">A
                person entitled to more than one vote on a poll need not use all
                his votes
                or cast all the votes he uses in the same
                way.</font></div>
            </td>
          </tr>

      </table>
    </div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div><br>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">69.</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">In
                the case of an equality of votes at a general meeting, whether on
                a show
                of hands, a count of votes received in the form of electronic records
                or
                on a poll, the chairman of such meeting shall not be entitled to
                a second
                or casting vote.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">70.</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">In
                the case of joint holders of a share, the vote of the senior who
                tenders a
                vote, whether in person or by proxy, shall be accepted to the exclusion
                of
                the votes of the other joint holders, and for this purpose seniority
                shall
                be determined by the order in which the names stand in the Register
                in
                respect of the joint holding.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">71.</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">A
                Shareholder who is a patient for any purpose of any statute or applicable
                law relating to mental health or in respect of whom an order has
                been made
                by any Court having jurisdiction for the protection or management
                of the
                affairs of persons incapable of managing their own affairs may vote,
                whether on a show of hands or on a poll, by his receiver, committee,
                curator bonis or other person in the nature of a receiver, committee
                or
                curator bonis appointed by such Court and such receiver, committee,
                curator bonis or other person may vote on a poll by proxy, and may
                otherwise act and be treated as such Shareholder for the purpose
                of
                general meetings.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">72.</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">No
                Shareholder shall, unless the Board otherwise determines, be entitled
                to
                vote at any general meeting unless all calls or other sums presently
                payable by him in respect of shares in the Company have been
                paid.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">73.</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">If
                (i) any objection shall be raised to the qualification of any voter
                or
                (ii) any votes have been counted which ought not to have been counted
                or
                which might have been rejected or (iii) any votes are not counted
                which
                ought to have been counted, the objection or error shall not vitiate
                the
                decision of the meeting or adjourned meeting on any resolution unless
                the
                same is raised or pointed out at the meeting or, as the case may
                be, the
                adjourned meeting at which the vote objected to is given or tendered
                or at
                which the error occurs.&#160;&#160;Any objection or error shall be
                referred to the chairman of the meeting and shall only vitiate the
                decision of the meeting on any resolution if the chairman decides
                that the
                same may have affected the decision of the meeting.&#160;&#160;The
                decision of the chairman on such matters shall be final and
                conclusive.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;"><strong><u>PROXIES
      AND CORPORATE REPRESENTATIVES</u></strong></font></div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">74.</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">The
                instrument appointing a proxy shall be in writing under the hand
                of the
                appointor or of his attorney authorised by him in writing or, if
                the
                appointor is a corporation, either under its seal or under the hand
                of an
                officer, attorney or other person authorised to sign the
                same.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">75.</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">Any
                Shareholder may appoint a standing proxy or (if a corporation)
                representative by depositing at the Registered Office a proxy or
                (if a
                corporation) an authorisation and such proxy or authorisation shall
                be
                valid for all general meetings and adjournments thereof or, resolutions
                in
                writing, as the case may be, until notice of revocation is received
                at the
                Registered Office which, if permitted by the Principal Act, may be
                in the
                form of an electronic record.&#160;&#160;Where a standing proxy or
                authorisation exists, its operation shall be deemed to have been
                suspended
                at any general meeting or adjournment thereof at which the Shareholder
                is
                present or in respect to which the Shareholder has specially appointed
                a
                proxy or representative. The Board may from time to time require
                such
                evidence as it shall deem necessary as to the due execution and continuing
                validity of any such standing proxy or authorisation and the operation
                of
                any such standing proxy or authorisation shall be deemed to be suspended
                until such time as the Board determines that it has received the
                requested
                evidence or other evidence satisfactory to
                it.</font></div>
            </td>
          </tr>

      </table>
    </div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div><br>
    <div>&#160;</div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">76.</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">Subject
                to Bye-law 75, the instrument appointing a proxy together with such
                other
                evidence as to its due execution as the Board may from time to time
                require, shall be delivered at the Registered Office, which, if permitted
                by the Principal Act may be in the form of an electronic record,
                (or at
                such place as may be specified in the notice convening the meeting
                or in
                any notice of any adjournment or, in either case or the case of a
                written
                resolution, in any document sent therewith) prior to the holding
                of the
                relevant meeting or adjourned meeting at which the person named in
                the
                instrument proposes to vote or, in the case of a poll taken subsequently
                to the date of a meeting or adjourned meeting, before the time appointed
                for the taking of the poll, or, in the case of a written resolution,
                prior
                to the effective date of the written resolution and in default the
                instrument of proxy shall not be treated as
                valid.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">77.</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">Instruments
                of proxy shall be in any common form or in such other form as the
                Board
                may approve and the Board may, if it thinks fit, send out with the
                notice
                of any meeting or any written resolution forms of instruments of
                proxy for
                use at that meeting or in connection with that written
                resolution.&#160;&#160;The instrument of proxy shall be deemed to confer
                authority to demand or join in demanding a poll and to vote on any
                amendment of a written resolution or amendment of a resolution put
                to the
                meeting for which it is given as the proxy thinks fit.&#160;&#160;The
                instrument of proxy shall unless the contrary is stated therein be
                valid
                as well for any adjournment of the meeting as for the meeting to
                which it
                relates.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">78.</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">A
                vote given in accordance with the terms of an instrument of proxy
                shall be
                valid notwithstanding the previous death or insanity of the principal,
                or
                revocation of the instrument of proxy or of the authority under which
                it
                was executed, provided that no intimation in writing of such death,
                insanity or revocation shall have been received by the Company at
                the
                Registered Office, which, if permitted by the Principal Act may be
                in the
                form of an electronic record, (or such other place as may be specified
                for
                the delivery of instruments of proxy in the notice convening the
                meeting
                or other documents sent therewith) one hour at least before the
                commencement of the meeting or adjourned meeting, or the taking of
                the
                poll, or the day before the effective date of any written resolution
                at
                which the instrument of proxy is
                used.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">79.</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">Subject
                to the Companies Acts, the Board may at its discretion waive any
                of the
                provisions of these Bye-laws related to proxies or authorisations
                and, in
                particular, may accept such verbal or other assurances as it thinks
                fit as
                to the right of any person to attend and vote on behalf of any Shareholder
                at general meetings or to sign written
                resolutions.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">80.</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">Notwithstanding
                any other provision of these Bye-laws, any member may appoint an
                irrevocable proxy by depositing at the Registered Office an irrevocable
                proxy and such irrevocable proxy shall be valid for all general meetings
                and adjournments thereof, or resolutions in writing, as the case
                may be,
                until terminated in accordance with its own terms, or until written
                notice
                of termination is received at the Registered Office signed by the
                proxy.&#160;&#160;The instrument creating the irrevocable proxy shall
                recite that it is constituted as such and shall confirm that it is
                granted
                with an interest.&#160; The operation of an irrevocable proxy shall not be
                suspended at any general meeting or adjournment thereof at which
                the
                member who has appointed such proxy is present and the member may
                not
                specifically appoint another proxy or vote himself in respect of
                any
                shares which are the subject of the irrevocable
                proxy.</font></div>
            </td>
          </tr>

      </table>
    </div><br>
    <div>&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;"><strong><u>APPOINTMENT
      AND REMOVAL OF DIRECTORS</u></strong></font></div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">81..</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">The
                number of Directors shall be such number not less than two as the
                Company
                by Resolution may from time to time determine and, subject to the
                Companies Acts and these Bye-laws, shall serve until re-elected or
                their
                successors are appointed at the next Annual General
                Meeting.&#160;&#160;The Board of Directors shall include at least one
                Independent Director.&#160;&#160;If an Independent Director resigns, dies,
                or becomes incapacitated, or such position is otherwise vacant, and
                there
                are no other Independent Directors, no action requiring affirmative
                vote
                of the Independent Directors shall be taken until a successor Independent
                Director is elected and qualified and approves such action.&#160;&#160;A
                successor Independent Director shall be appointed by the remaining
                directors on the Board.&#160;&#160;No Independent Director may be removed
                unless and until his or her successor is appointed and has accepted
                such
                position.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">82.</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">The
                Company shall at the Annual General Meeting and may by Resolution
                determine the minimum and the maximum number of Directors and may
                by
                Resolution determine that one or more vacancies in the Board shall
                be
                deemed casual vacancies for the purposes of these
                Bye-laws.&#160;&#160;Without prejudice to the power of the Company by
                Resolution in pursuance of any of the provisions of these Bye-laws
                to
                appoint any person to be a Director, the Board, so long as a quorum
                of
                Directors remains in office, shall have power at any time and from
                time to
                time to appoint any individual to be a Director so as to fill a casual
                vacancy.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">83.</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">The
                Company may in a Special General Meeting called for that purpose
                remove a
                Director provided notice of any such meeting shall be served upon
                the
                Director concerned not less than 14 days before the meeting and he
                shall
                be entitled to be heard at that meeting.&#160;&#160;Any vacancy created by
                the removal of a Director at a Special General Meeting may be filled
                at
                the Meeting by the election of another Director in his place or,
                in the
                absence of any such election, by the
                Board.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;"><strong><u>RESIGNATION
      AND DISQUALIFICATION OF DIRECTORS</u></strong></font></div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">84.</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">The
                office of a Director shall be vacated upon the happening of any of
                the
                following events:</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div>&#160;</div>
            </td>
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">(a)</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">if
                he resigns his office by notice in writing delivered to the Registered
                Office or tendered at a meeting of the
                Board;</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div>&#160;</div>
            </td>
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">(b)</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">if
                he becomes of unsound mind or a patient for any purpose of any statute
                or
                applicable law relating to mental health and the Board resolves that
                his
                office is vacated;</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;if
      he becomes bankrupt or compounds with his creditors;</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;if
      he is prohibited by law from being a Director;</font></div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div><br>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div>&#160;</div>
            </td>
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">(f)</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">if
                he ceases to be a Director by virtue of the Companies Acts or is
                removed
                from office pursuant to these
                Bye-laws.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;"><strong><u>ALTERNATE
      DIRECTORS</u></strong></font></div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">85.</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">The
                Company may by Resolution elect any person or persons to act as Directors
                in the alternative to any of the Directors or may authorise the Board
                to
                appoint such Alternate Directors and a Director may appoint and remove
                his
                own Alternate Director.&#160;&#160;Any appointment or removal of an
                Alternate Director by a Director shall be effected by depositing
                a notice
                of appointment or removal with the Secretary at the Registered Office,
                which, if permitted by the Principal Act may be in the form of an
                electronic record, signed by such Director, and such appointment
                or
                removal shall become effective on the date of receipt by the
                Secretary.&#160;&#160;Any Alternate Director may be removed by Resolution
                of the Company and, if appointed by the Board, may be removed by
                the
                Board.&#160;&#160;Subject as aforesaid, the office of Alternate Director
                shall continue until the next annual election of Directors or, if
                earlier,
                the date on which the relevant Director ceases to be a
                Director.&#160;&#160;An Alternate Director may also be a Director in his
                own right and may act as alternate to more than one
                Director.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">86.</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">An
                Alternate Director shall be entitled to receive notices of all meetings
                of
                Directors, to attend, be counted in the quorum and vote at any such
                meeting at which any Director to whom he is alternate is not personally
                present, and generally to perform all the functions of any Director
                to
                whom he is alternate in his
                absence.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">87.</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">Every
                person acting as an Alternate Director shall (except as regards powers
                to
                appoint an alternate and remuneration) be subject in all respects
                to the
                provisions of these Bye-laws relating to Directors and shall alone
                be
                responsible to the Company for his acts and defaults and shall not
                be
                deemed to be the agent of or for any Director for whom he is
                alternate.&#160;&#160;An Alternate Director may be paid expenses and shall
                be entitled to be indemnified by the Company to the same extent mutatis
                mutandis as if he were a Director.&#160;&#160;Every person acting as an
                Alternate Director shall have one vote for each Director for whom
                he acts
                as alternate (in addition to his own vote if he is also a
                Director).&#160;&#160;The signature of an Alternate Director to any
                resolution in writing of the Board or a committee of the Board shall,
                unless the terms of his appointment provides to the contrary, be
                as
                effective as the signature of the Director or Directors to whom he
                is
                alternate.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;"><strong><u>DIRECTORS'
      FEES AND ADDITIONAL REMUNERATION AND EXPENSES</u></strong></font></div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">88.</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">The
                amount, if any, of Directors' fees shall from time to time be determined
                by the Company by Resolution and in the absence of a determination
                to the
                contrary in general meeting, such fees shall be deemed to accrue
                from day
                to day. Each Director may be paid his reasonable travelling, hotel
                and
                incidental expenses in attending and returning from meetings of the
                Board
                or committees constituted pursuant to these Bye-laws or general meetings
                and shall be paid all expenses properly and reasonably incurred by
                him in
                the conduct of the Company's business or in the discharge of his
                duties as
                a Director.&#160;&#160;Any Director who, by request, goes or resides
                abroad for any purposes of the Company or who performs services which
                in
                the opinion of the Board go beyond the ordinary duties of a Director
                may
                be paid such extra remuneration (whether by way of salary, commission,
                participation in profits or otherwise) as the Board may determine,
                and
                such extra remuneration shall be in addition to any remuneration
                provided
                for by or pursuant to any other
                Bye-law.</font></div>
            </td>
          </tr>

      </table>
    </div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div><br>
    <div>&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;"><strong><u>DIRECTORS'
      INTERESTS</u></strong></font></div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 49px">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">89.</font></div>
            </td>
            <td style="WIDTH: 46px">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">(a)</font></div>
            </td>
            <td width="812">
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">A
                Director may hold any other office or place of profit with the Company
                (except that of auditor) in conjunction with his office of Director
                for
                such period and upon such terms as the Board may determine, and may
                be
                paid such extra remuneration therefor (whether by way of salary,
                commission, participation in profits or otherwise) as the Board may
                determine, and such extra remuneration shall be in addition to any
                remuneration provided for by or pursuant to any other
                Bye-law.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div>&#160;</div>
            </td>
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">(b)</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">A
                Director may act by himself or his firm in a professional capacity
                for the
                Company (otherwise than as auditor) and he or his firm shall be entitled
                to remuneration for professional services as if he were not a
                Director.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div>&#160;</div>
            </td>
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">(c)</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">Subject
                to the Companies Acts, a Director may notwithstanding his office
                be a
                party to, or otherwise interested in, any transaction or arrangement
                with
                the Company or in which the Company is otherwise interested; and
                be a
                Director or other officer of, or employed by, or a party to any
                transaction or arrangement with, or otherwise interested in, any
                body
                corporate promoted by the Company or in which the Company is
                interested.&#160;&#160;The Board may also cause the voting power conferred
                by the shares in any other company held or owned by the Company to
                be
                exercised in such manner in all respects as it thinks fit, including
                the
                exercise thereof in favour of any resolution appointing the Directors
                or
                any of them to be directors or officers of such other company, or
                voting
                or providing for the payment of remuneration to the directors or
                officers
                of such other company.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div>&#160;</div>
            </td>
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">(d)</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">So
                long as, where it is necessary, he declares the nature of his interest
                at
                the first opportunity at a meeting of the Board or by writing to
                the
                Directors as required by the Companies Acts, a Director shall not
                by
                reason of his office be accountable to the Company for any benefit
                which
                he derives from any office or employment to which these Bye-laws
                allow him
                to be appointed or from any transaction or arrangement in which these
                Bye-laws allow him to be interested, and no such transaction or
                arrangement shall be liable to be avoided on the ground of any interest
                or
                benefit.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 72pt">
              <div>&#160;</div>
            </td>
            <td>&#160;</td>
          </tr>

      </table>
    </div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div>&#160;</div>
            </td>
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">(e)</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">Subject
                to the Companies Acts and any further disclosure required thereby,
                a
                general notice to the Directors by a Director or officer declaring
                that he
                is a director or officer or has an interest in a person and is to
                be
                regarded as interested in any transaction or arrangement made with
                that
                person, shall be a sufficient declaration of interest in relation
                to any
                transaction or arrangement so made.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;"><strong><u>POWERS
      AND DUTIES OF THE BOARD</u></strong></font></div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">90.</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">The
                Board shall manage the business of the Company in accordance with
                the
                requirements and limitations contained in Bye-laws 91(A) and 91(B)
                and in
                the event of any conflict between Bye-laws 91(A) and 91(B) and any
                other
                Bye-law, the provisions of Bye-laws 91(A) and 91(B) shall prevail.&#160;
                Subject to the provisions of the Companies Acts and to Bye-laws 91(A)
                and
                91(B) and these Bye-laws and to any directions given by the Company
                by
                Resolution, responsibility for the management of the Company shall
                be
                vested in the Board of Directors.&#160; The Board may pay all expenses
                incurred in promoting and incorporating the Company and may exercise
                all
                the powers of the Company.&#160; No alteration of these Bye-laws and no
                direction given pursuant to Bye-laws 91(A) and 91(B) shall invalidate
                any
                prior act of the Board which would have been valid if that alteration
                had
                not been made or that direction had not been given.&#160; The powers given
                by this Bye-law shall not be limited by any special power given to
                the
                Board by these Bye-laws and a meeting of the Board at which a quorum
                is
                present shall be competent to exercise all the powers, authorities
                and
                discretions for the time being vested in or exercisable by the
                Board.</font></div>
            </td>
          </tr>

      </table>
    </div><br>
    <div>&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 47px">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">91.</font></div>
            </td>
            <td style="WIDTH: 33px">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">(A)</font></div>
            </td>
            <td width="827">
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">Notwithstanding
                anything to the contrary in these Bye-laws, the business of the Company
                shall be restricted to the business purposes set forth in the Memorandum
                of Association of the Company.&#160;&#160;The Board shall procure that the
                Company shall only transact the aforementioned business and any business
                necessary or incidental to the foregoing business
                purposes.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 48px">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
            </td>
            <td style="WIDTH: 32px">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">(B)</font></div>
            </td>
            <td width="827">
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">The
                Board shall procure that the Company shall at all times: (a)&#160;maintain
                books and records separate from any other person or entity;
                (b)&#160;conduct its own business in its own name; (c)&#160;maintain its
                accounts separate from any other person or entity; (d)&#160;maintain
                separate financial statements; (e)&#160;maintain its funds and assets
                separately from the assets of any other person or entity; (f) not
                commingle its money, cheques, cash proceeds or other assets with
                those of
                any other person or entity; (g) pay its own liabilities out of its
                own
                funds; (h)&#160;observe all corporate formalities; (i)&#160;use separate
                stationery, invoices, and cheques; (j)&#160;allocate fairly and reasonably
                any overhead for shared office space; (k)&#160;hold itself out as a
                separate entity; (l)&#160;correct any known misunderstanding regarding its
                separate identity; (m)&#160;maintain adequate capital in light of its
                contemplated business operations; and (n) hold appropriate and regular
                meetings of the Board of Directors to authorize all corporate
                actions.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div>&#160;</div>
            </td>
            <td>&#160;</td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">92.</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">The
                Board may exercise all the powers of the Company to borrow money
                and to
                mortgage or charge all or any part of the undertaking, property and
                assets
                (present and future) and uncalled capital of the Company and to issue
                debentures and other securities, whether outright or as collateral
                security for any debt, liability or obligation of the
                Company.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">93.</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">All
                cheques, promissory notes, drafts, bills of exchange and other
                instruments, whether negotiable or transferable or not, and all receipts
                for money paid to the Company shall be signed, drawn, accepted, endorsed
                or otherwise executed, as the case may be, in such manner as the
                Board
                shall from time to time by resolution
                determine.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">94.</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">The
                Board on behalf of the Company may provide benefits, whether by the
                payment of gratuities or pensions or otherwise, for any person including
                any Director or former Director who has held any executive office
                or
                employment with the Company or with any body corporate which is or
                has
                been a subsidiary or affiliate of the Company or a predecessor in
                the
                business of the Company or of any such subsidiary or affiliate, and
                to any
                member of his family or any person who is or was dependent on him,
                and may
                contribute to any fund and pay premiums for the purchase or provision
                of
                any such gratuity, pension or other benefit, or for the insurance
                of any
                such person.</font></div>
            </td>
          </tr>

      </table>
    </div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div><br>
    <div>&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">95.</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">The
                Board may from time to time appoint one or more of its body to hold
                any
                other employment or executive office with the Company for such period
                and
                upon such terms as the Board may determine and may revoke or terminate
                any
                such appointments.&#160;&#160;Any such revocation or termination as
                aforesaid shall be without prejudice to any claim for damages that
                such
                Director may have against the Company or the Company may have against
                such
                Director for any breach of any contract of service between him and
                the
                Company which may be involved in such revocation or
                termination.&#160;&#160;Any person so appointed shall receive such
                remuneration (if any) (whether by way of salary, commission, participation
                in profits or otherwise) as the Board may determine, and either in
                addition to or in lieu of his remuneration as a
                Director.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;"><strong><u>DELEGATION
      OF THE BOARD'S POWERS</u></strong></font></div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">96.</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">The
                Board may by power of attorney appoint any company, firm or person
                or any
                fluctuating body of persons, whether nominated directly or indirectly
                by
                the Board, to be the attorney or attorneys of the Company for such
                purposes and with such powers, authorities and discretions (not exceeding
                those vested in or exercisable by the Board under these Bye-laws)
                and for
                such period and subject to such conditions as it may think fit, and
                any
                such power of attorney may contain such provisions for the protection
                and
                convenience of persons dealing with any such attorney and of such
                attorney
                as the Board may think fit, and may also authorise any such attorney
                to
                sub-delegate all or any of the powers, authorities and discretions
                vested
                in him.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">97.</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">The
                Board may entrust to and confer upon any Director or officer any
                of the
                powers exercisable by it upon such terms and conditions with such
                restrictions as it thinks fit, and either collaterally with, or to
                the
                exclusion of, its own powers, and may from time to time revoke or
                vary all
                or any of such powers but no person dealing in good faith and without
                notice of such revocation or variation shall be affected
                thereby.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">98.</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">The
                Board may delegate any of its powers, authorities and discretions
                to any
                person or to committees, consisting of such person or persons (whether
                a
                member or members of its body or not) as it thinks fit.&#160;&#160;Any
                committee so formed shall, in the exercise of the powers, authorities
                and
                discretions so delegated, conform to any regulations which may be
                imposed
                upon it by the Board.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;"><strong><u>PROCEEDINGS
      OF THE BOARD</u></strong></font></div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">99.</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">The
                Board may meet for the despatch of business, adjourn and otherwise
                regulate its meetings as it thinks fit.&#160;&#160;Questions arising at
                any meeting shall be determined by a majority of votes.&#160;&#160;In the
                case of an equality of votes the motion shall be deemed to have been
                lost.&#160;&#160;A Director may, and the Secretary on the requisition of a
                Director shall, at any time summon a meeting of the
                Board.&#160;&#160;Notwithstanding anything to the contrary contained in
                these Bye-laws, the prior approval of a resolution passed by a majority
                of
                Directors (which majority shall include the approval of a majority
                of the
                Independent Directors) or a unanimous written resolution of the Directors
                (which shall include the approval of the Independent Directors) shall
                be
                required in the following circumstances (a) to file a bankruptcy
                or
                insolvency petition or otherwise institute insolvency proceedings
                on
                behalf of the Company, (b) to consent to the institution of bankruptcy
                or
                insolvency proceedings against the Company, (c) to enter into any
                agreement or other arrangement conferring any authority or other
                entitlement on any person to appoint a receiver, liquidator, assignee,
                trustee, sequestrator (or other similar official) of the Company
                or a
                substantial part of the property of the Company, (d) to make any
                assignment for the benefit of the Company's creditors, (e) to propose,
                or
                consent to, a scheme of arrangement with creditors or shareholders;
                (f) to
                cause the Company to admit in writing its inability to pay its debts
                generally as they become due, (g) to dissolve, liquidate, consolidate,
                merge or sell all or substantially all of the assets of the Company;
                (h)&#160;to engage in any business activity other than the business
                purpose of the Company described in Bye-laws 91(A) and 91(B), (i)&#160;to
                amend the Company&#8217;s Memorandum of Association or these Bye-laws, or (j) to
                take any action, or cause the Company to take any action, in furtherance
                of any of the foregoing.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div>&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">100.</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">Notice
                of a meeting of the Board shall be deemed to be duly given to a Director
                if it is given to him personally or by word of mouth or sent to him
                by
                post, cable, telex, telecopier or other mode of representing or
                reproducing words in a legible and non-transitory form at his last
                known
                address or any other address given by him to the Company for this
                purpose.&#160;&#160;A Director may waive notice of any meeting either
                prospectively or retrospectively.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 49px">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">101.</font></div>
            </td>
            <td style="WIDTH: 46px">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">(a)</font></div>
            </td>
            <td width="812">
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">The
                quorum necessary for the transaction of the business of the Board
                may be
                fixed by the Board and, unless so fixed at any other number, shall
                be two
                individuals. Any Director who ceases to be a Director at a meeting
                of the
                Board may continue to be present and to act as a Director and be
                counted
                in the quorum until the termination of the meeting if no other Director
                objects and if otherwise a quorum of Directors would not be
                present.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div>&#160;</div>
            </td>
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">(b)</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">A
                Director who to his knowledge is in any way, whether directly or
                indirectly, interested in a contract or proposed contract, transaction
                or
                arrangement with the Company and has complied with the provisions
                of the
                Companies Acts and these Bye-laws with regard to disclosure of his
                interest shall be entitled to vote in respect of any contract, transaction
                or arrangement in which he is so interested and if he shall do so
                his vote
                shall be counted, and he shall be taken into account in ascertaining
                whether a quorum is present.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">102.</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">So
                long as a quorum of Directors remains in office, the continuing Directors
                may act notwithstanding any vacancy in the Board but, if no such
                quorum
                remains, the continuing Directors or a sole continuing Director may
                act
                only for the purpose of calling a general
                meeting.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div>&#160;</div>
    <div><br>&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">103.</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">The
                Chairman (if any) of the Board or, in his absence, the President
                shall
                preside as chairman at every meeting of the Board.&#160;&#160;If there is
                no such Chairman or President, or if at any meeting the Chairman
                or the
                President is not present within five minutes after the time appointed
                for
                holding the meeting, or is not willing to act as chairman, the Directors
                present may choose one of their number to be chairman of the
                meeting.</font></div>
            </td>
          </tr>

      </table>
    </div><br>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">104.</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">The
                meetings and proceedings of any committee consisting of two or more
                members shall be governed by the provisions contained in these Bye-laws
                for regulating the meetings and proceedings of the Board so far as
                the
                same are applicable and are not superseded by any regulations imposed
                by
                the Board.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">105.</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">A
                resolution in writing signed by all the Directors for the time being
                entitled to receive notice of a meeting of the Board or by all the
                members
                of a committee for the time being shall be as valid and effectual
                as a
                resolution passed at a meeting of the Board or, as the case may be,
                of
                such committee duly called and constituted.&#160;&#160;Such resolution may
                be contained in one document or in several documents in the like
                form each
                signed by one or more of the Directors (or their Alternate Directors)
                or
                members of the committee concerned.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">106.</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">A
                meeting of the Board or a committee appointed by the Board may be
                held by
                means of such telephone, electronic or other communication facilities
                as
                permit all persons participating in the meeting to communicate with
                each
                other simultaneously and instantaneously and participation in such
                a
                meeting shall constitute presence in person at such
                meeting.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">107.</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">All
                acts done by the Board or by any committee or by any person acting
                as a
                Director or member of a committee or any person duly authorised by
                the
                Board or any committee, shall, notwithstanding that it is afterwards
                discovered that there was some defect in the appointment of any member
                of
                the Board or such committee or person acting as aforesaid or that
                they or
                any of them were disqualified or had vacated their office, be as
                valid as
                if every such person had been duly appointed and was qualified and
                had
                continued to be a Director, member of such committee or person so
                authorised.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;"><strong><u>OFFICERS</u></strong></font></div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">108.</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">The
                Board may appoint any person whether or not he is a Director to hold
                such
                office as the Board may from time to time determine. Any person elected
                or
                appointed pursuant to this Bye-law shall hold office for such period
                and
                upon such terms as the Board may determine and the Board may revoke
                or
                terminate any such election or appointment.&#160;&#160;Any such revocation
                or termination shall be without prejudice to any claim for damages
                that
                such officer may have against the Company or the Company may have
                against
                such officer for any breach of any contract of service between him
                and the
                Company which may be involved in such revocation or
                termination.&#160;&#160;Save as provided in the Companies Acts or these
                Bye-laws, the powers and duties of the officers of the Company shall
                be
                such (if any) as are determined from time to time by the
                Board.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;"><strong><u>MINUTES</u></strong></font></div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">109.</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">The
                Directors shall cause minutes to be made and books kept for the purpose
                of
                recording<font style="DISPLAY: inline;" face="Symbol, serif">-</font></font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 72pt">
              <div>&#160;</div>
            </td>
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">(a)</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">all
                appointments of officers made by the
                Directors;</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 72pt">
              <div>&#160;</div>
            </td>
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">(b)</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">the
                names of the Directors and other persons (if any) present at each
                meeting
                of Directors and of any
                committee;</font></div>
            </td>
          </tr>

      </table>
    </div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;of
      all proceedings at meetings of the Company, of the holders of any classof shares
      in the Company, and of committees;</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;of
      all proceedings of managers (if any).</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;"><strong><u>SECRETARY
      AND RESIDENT REPRESENTATIVE</u></strong></font></div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">110.</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">The
                Secretary and Resident Representative, if necessary, shall be appointed
                by
                the Board at such remuneration (if any) and upon such terms as it
                may
                think fit and any Secretary and Resident Representative so appointed
                may
                be removed by the Board.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">The
      duties of the Secretary and Resident Representative shall be those prescribed
      by
      the Companies Acts together with such other duties as shall from time to time
      be
      prescribed by the Board.</font></div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">111.</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">A
                provision of the Companies Acts or these Bye-laws requiring or authorising
                a thing to be done by or to a Director and the Secretary shall not
                be
                satisfied by its being done by or to the same person acting both
                as
                Director and as, or in the place of, the
                Secretary.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;"><strong><u>THE
      SEAL</u></strong></font></div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">112.</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">The
                Company may, but need not, have a Seal and one or more duplicate
                Seals for
                use in any place outside of
                Bermuda.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">113.&#160;&#160;&#160;&#160;&#160;&#160;If
      the Company has a Seal:</font></div>
    <div>&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 35.45pt"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond;">&#160;</font></td>
            <td style="WIDTH: 36pt"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond;">(a)&#160;</font></td>
            <td><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond;">The
              seal
              of the Company shall be in such form as the Board may
              determine.</font></td>
          </tr>

      </table>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 35.45pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;</font></td>
            <td style="WIDTH: 36pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;</font></td>
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;</font></td>
          </tr>

      </table>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 35.45pt">
              <div>&#160;</div>
            </td>
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">(b)</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">The
                seal of the Company shall not be affixed to any instrument except
                attested
                by the signature of a Director and the Secretary or any two Directors,
                or
                any person appointed by the Board for that purpose, provided that
                any
                Director, Officer or Resident Representative, may affix the seal
                of the
                Company attested by such Director, Officer or Resident Representative&#8217;s
                signature to any authenticated copies of these Bye-Laws, the incorporating
                documents of the Company, the minutes of any meetings or any other
                documents required to be authenticated by such Director, Officer
                or
                Resident Representative.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div>&#160;</div>
    <div>
      <div style="MARGIN: 0in 0in 0pt 0.5in; TEXT-INDENT: -0.5in; TEXT-ALIGN: justify; mso-hyphenate: none">114.&#160;&#160;&#160;&#160;
        The Secretary, a Director or the Resident Representative may affix a Seal
        attested with his signature to certify the authenticity of any copies of
        documents.<a name="_DV_M270"/><a name="_DV_M271"/></div>
      <div>&#160;</div>
      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;"><strong><u>DIVIDENDS
        AND OTHER PAYMENTS</u></strong></font></div>
    </div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">115.</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">The
                Board may from time to time declare cash dividends or distributions
                out of
                contributed surplus to be paid to the Shareholders according to their
                rights and interests including such interim dividends as appear to
                the
                Board to be justified by the position of the Company.&#160;&#160;The Board
                may also pay any fixed cash dividend which is payable on any shares
                of the
                Company half yearly or on such other dates, whenever the position
                of the
                Company, in the opinion of the Board, justifies such
                payment.</font></div>
            </td>
          </tr>

      </table>
    </div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div><br>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div>&#160;</div>
            </td>
            <td>&#160;</td>
          </tr>

      </table>
    </div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">116.</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">Except
                insofar as the rights attaching to, or the terms of issue of, any
                share
                otherwise provide:-</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 72pt">
              <div>&#160;</div>
            </td>
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">(a)</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">all
                dividends or distributions out of contributed surplus may be declared
                and
                paid according to the amounts paid up on the shares in respect of
                which
                the dividend or distribution is paid, and an amount paid up on a
                share in
                advance of calls may be treated for the purpose of this Bye-law as
                paid-up
                on the share;</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 72pt">
              <div>&#160;</div>
            </td>
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">(b)</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">dividends
                or distributions out of contributed surplus may be apportioned and
                paid
                pro rata according to the amounts paid-up on the shares during any
                portion
                or portions of the period in respect of which the dividend or distribution
                is paid.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">117.</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">The
                Board may deduct from any dividend, distribution or other moneys
                payable
                to a Shareholder by the Company on or in respect of any shares all
                sums of
                money (if any) presently payable by him to the Company on account
                of calls
                or otherwise in respect of shares of the
                Company.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">118.</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">No
                dividend, distribution or other moneys payable by the Company on
                or in
                respect of any share shall bear interest against the
                Company.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">119.</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">Any
                dividend, distribution, interest or other sum payable in cash to
                the
                holder of shares may be paid by cheque or warrant sent through the
                post
                addressed to the holder at his address in the Register or, in the
                case of
                joint holders, addressed to the holder whose name stands first in
                the
                Register in respect of the shares at his registered address as appearing
                in the Register or addressed to such person at such address as the
                holder
                or joint holders may in writing direct.&#160;&#160;Every such cheque or
                warrant shall, unless the holder or joint holders otherwise direct,
                be
                made payable to the order of the holder or, in the case of joint
                holders,
                to the order of the holder whose name stands first in the Register
                in
                respect of such shares, and shall be sent at his or their risk and
                payment
                of the cheque or warrant by the bank on which it is drawn shall constitute
                a good discharge to the Company.&#160;&#160;Any one of two or more joint
                holders may give effectual receipts for any dividends, distributions
                or
                other moneys payable or property distributable in respect of the
                shares
                held by such joint holders.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">120.</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">Any
                dividend or distribution out of contributed surplus unclaimed for
                a period
                of six years from the date of declaration of such dividend or distribution
                shall be forfeited and shall revert to the Company and the payment
                by the
                Board of any unclaimed dividend, distribution, interest or other
                sum
                payable on or in respect of the share into a separate account shall
                not
                constitute the Company a trustee in respect
                thereof.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">121.</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">With
                the sanction of a Resolution the Board may direct payment or satisfaction
                of any dividend or distribution out of contributed surplus wholly
                or in
                part by the distribution of specific assets, and in particular of
                paid-up
                shares or debentures of any other company, and where any difficulty
                arises
                in regard to such distribution or dividend the Board may settle it
                as it
                thinks expedient, and in particular, may authorise any person to
                sell and
                transfer any fractions or may ignore fractions altogether, and may
                fix the
                value for distribution or dividend purposes of any such specific
                assets
                and may determine that cash payments shall be made to any Shareholders
                upon the footing of the values so fixed in order to secure equality
                of
                distribution and may vest any such specific assets in trustees as
                may seem
                expedient to the Board.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div>&#160;</div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;"><strong><u>RESERVES</u></strong></font></div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">122.</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">The
                Board may, before recommending or declaring any dividend or distribution
                out of contributed surplus, set aside such sums as it thinks proper
                as
                reserves which shall, at the discretion of the Board, be applicable
                for
                any purpose of the Company and pending such application may, also
                at such
                discretion, either be employed in the business of the Company or
                be
                invested in such investments as the Board may from time to time think
                fit.&#160;&#160;The Board may also without placing the same to reserve
                carry forward any sums which it may think it prudent not to
                distribute.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;"><strong><u>CAPITALISATION
      OF PROFITS</u></strong></font></div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">123.</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">The
                Company may, upon the recommendation of the Board, at any time and
                from
                time to time pass a Resolution to the effect that it is desirable
                to
                capitalise all or any part of any amount for the time being standing
                to
                the credit of any reserve or fund which is available for distribution
                or
                to the credit of any share premium account or any capital redemption
                reserve fund and accordingly that such amount be set free for distribution
                amongst the Shareholders or any class of Shareholders who would be
                entitled thereto if distributed by way of dividend and in the same
                proportions, on the footing that the same be not paid in cash but
                be
                applied either in or towards paying up amounts for the time being
                unpaid
                on any shares in the Company held by such Shareholders respectively
                or in
                payment up in full of unissued shares, debentures or other obligations
                of
                the Company, to be allotted and distributed credited as fully paid
                amongst
                such Shareholders, or partly in one way and partly in the other,
                and the
                Board shall give effect to such Resolution, provided that for the
                purpose
                of this Bye-law, a share premium account and a capital redemption
                reserve
                fund may be applied only in paying up of unissued shares to be issued
                to
                such Shareholders credited as fully paid and provided further that
                any sum
                standing to the credit of a share premium account may only be applied
                in
                crediting as fully paid shares of the same class as that from which
                the
                relevant share premium was derived.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 45px">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">124.</font></div>
            </td>
            <td width="862">
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">Where
                any difficulty arises in regard to any distribution under the last
                preceding Bye-law, the Board may settle the same as it thinks expedient
                and, in particular, may authorise any person to sell and transfer
                any
                fractions or may resolve that the distribution should be as nearly
                as may
                be practicable in the correct proportion but not exactly so or may
                ignore
                fractions altogether, and may determine that cash payments should
                be made
                to any Shareholders in order to adjust the rights of all parties,
                as may
                seem expedient to the Board.&#160;&#160;The Board may appoint any person
                to sign on behalf of the persons entitled to participate in the
                distribution any contract necessary or desirable for giving effect
                thereto
                and such appointment shall be effective and binding upon the
                Shareholders.</font></div>
            </td>
          </tr>

      </table>
    </div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div><br>
    <div><br></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;"><strong><u>RECORD
      DATES</u></strong></font></div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">125.</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">Notwithstanding
                any other provisions of these Bye-laws, the Company may by Resolution
                or
                the Board may fix any date as the record date for any dividend,
                distribution, allotment or issue and for the purpose of identifying
                the
                persons entitled to receive notices of general meetings.&#160;&#160;Any
                such record date may be on or at any time before or after any date
                on
                which such dividend, distribution, allotment or issue is declared,
                paid or
                made or such notice is despatched.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;"><strong><u>ACCOUNTING
      RECORDS</u></strong></font></div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">126.</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">The
                Board shall cause to be kept accounting records sufficient to give
                a true
                and fair view of the state of the Company's affairs and to show and
                explain its transactions, in accordance with the Companies
                Acts.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">127.</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">The
                records of account shall be kept at the Registered Office or at such
                other
                place or places as the Board thinks fit, and shall at all times be
                open to
                inspection by the Directors: PROVIDED that if the records of account
                are
                kept at some place outside Bermuda, there shall be kept at an office
                of
                the Company in Bermuda such records as will enable the Directors
                to
                ascertain with reasonable accuracy the financial position of the
                Company
                at the end of each three month period.&#160;&#160;No Shareholder (other
                than an officer of the Company) shall have any right to inspect any
                accounting record or book or document of the Company except as conferred
                by law or authorised by the Board or by
                Resolution.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">128.</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">A
                copy of every balance sheet and statement of income and expenditure,
                including every document required by law to be annexed thereto, which
                is
                to be laid before the Company in general meeting, together with a
                copy of
                the auditors' report, shall be sent to each person entitled thereto
                in
                accordance with the requirements of the Companies Acts&#160;&#160;and
                (without prejudice to the generality of Bye-Law 139) upon the coming
                into
                force of Section 2A of the Principal Act, the requirements of this
                Bye-Law
                shall be met by the publication of the relevant document as an electronic
                record on a website designated for the purpose by the
                Company.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;"><strong><u>AUDIT</u></strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">129.</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">Save
                and to the extent that an audit is waived in the manner permitted
                by the
                Companies Acts, auditors shall be appointed and their duties regulated
                in
                accordance with the Companies Acts, any other applicable law and
                such
                requirements not inconsistent with the Companies Acts as the Board
                may
                from time to time determine.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;"><strong><u>SERVICE
      OF NOTICES AND OTHER DOCUMENTS</u></strong></font></div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">130</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">Any
                notice or other document (including a share certificate) may be served
                on
                or delivered to any Shareholder by the Company either personally
                or by
                sending it through the post (by airmail where applicable) in a pre-paid
                letter addressed to such Shareholder at his address as appearing
                in the
                Register or by delivering it to or leaving it at such registered
                address.&#160;&#160;In the case of joint holders of a share, service or
                delivery of any notice or other document on or to one of the joint
                holders
                shall for all purposes be deemed as sufficient service on or delivery
                to
                all the joint holders. Any notice or other document if sent by post
                shall
                be deemed to have been served or delivered seven days after it was
                put in
                the post, and in proving such service or delivery, it shall be sufficient
                to prove that the notice or document was properly addressed, stamped
                and
                put in the post.</font></div>
            </td>
          </tr>

      </table>
    </div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div><br>
    <div>&#160;</div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">131</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">Any
                notice of a general meeting of the Company shall be deemed to be
                duly
                given to a Shareholder if it is sent to him by cable, telex, telecopier
                or
                other mode of representing or reproducing words in a legible and
                non-transitory form at his address as appearing in the Register or
                any
                other address given by him to the Company for this purpose.&#160;&#160;Any
                such notice shall be deemed to have been served twenty-four hours
                after
                its despatch.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">132.</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">Upon
                Section 2A of the Principal Act coming into force, any notice or
                other
                document shall be deemed to be duly given to a Shareholder if it
                is
                delivered to such Shareholder by means of an electronic record in
                accordance with Section 2A of the Principal
                Act.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">133</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">Any
                notice or other document delivered, sent or given to a Shareholder
                in any
                manner permitted by these Bye-laws shall, notwithstanding that such
                Shareholder is then dead or bankrupt or that any other event has
                occurred,
                and whether or not the Company has notice of the death or bankruptcy
                or
                other event, be deemed to have been duly served or delivered in respect
                of
                any share registered in the name of such Shareholder as sole or joint
                holder unless his name shall, at the time of the service or delivery
                of
                the notice or document, have been removed from the Register as the
                holder
                of the share, and such service or delivery shall for all purposes
                be
                deemed as sufficient service or delivery of such notice or document
                on all
                persons interested (whether jointly with or as claiming through or
                under
                him) in the share.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">134.</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">Notwithstanding
                any other provisions of these
                Bye-laws:</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div>&#160;</div>
            </td>
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">(a)</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">where
                there is a requirement under the Companies Acts or these Bye-laws
                that the
                Company provide a document to a person, or for a document to accompany
                another document, the requirement may be met by the delivery, or
                deemed
                delivery, of an electronic record of the document in accordance with
                this
                Bye-law;</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div>&#160;</div>
            </td>
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">(b)</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">where
                there is a requirement under the Companies Acts or these Bye-laws
                that a
                Shareholder provide a document to the Company, or for a document
                to
                accompany another document, the requirement may be met by the Shareholder
                by the delivery, or deemed delivery, of an electronic record of the
                document in accordance with this
                Bye-law;</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div>&#160;</div>
            </td>
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">(c)</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">for
                the purposes of this Bye-law, &#8220;to provide&#8221; includes to send, forward,
                give, deliver, submit, file, deposit, furnish, issue, leave at, serve,
                circulate, lay, make available or
                lodge;</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div>&#160;</div>
            </td>
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">(d)</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">an
                electronic record or a document may be delivered to a person by
                communicating it by electronic means to the person at the address
                or
                number that has been notified by the person for the purposes of
                communication by electronic means;</font></div>
            </td>
          </tr>

      </table>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;</font></td>
            <td style="WIDTH: 36pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;</font></td>
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;</font></td>
          </tr>

      </table>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;</font></td>
            <td style="WIDTH: 36pt"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond;">(e)</font></td>
            <td><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond;">an
              electronic record of a document is deemed to have been delivered to
              a
              person if it is published on a website
              and:</font></td>
          </tr>

      </table>
    </div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div><br>
    <div>&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 93px">
              <div>&#160;</div>
            </td>
            <td style="WIDTH: 36px">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">(i)</font></div>
            </td>
            <td width="778">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">the
                person to whom the document is provided has agreed to have documents
                of
                that type provided by way of accessing them on a website instead
                of them
                being provided by other means;</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 96px">
              <div>&#160;</div>
            </td>
            <td style="WIDTH: 34px">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">(ii)</font></div>
            </td>
            <td width="777">
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">the
                document is a document of the type to which the agreement applies;
                and</font></div>
            </td>
          </tr>

      </table>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 96px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;</font></td>
            <td style="WIDTH: 34px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;</font></td>
            <td width="777"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;</font></td>
          </tr>

      </table>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

          <tr valign="top">
            <td style="WIDTH: 96px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;</font></td>
            <td style="WIDTH: 34px"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond;">(iii)</font></td>
            <td width="777">
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond;">the
                person
                is notified in accordance with the agreement of the publication of
                the
                document on the website, the address of the website, the place on
                the
                website where the document may be found, and how the document may
                be
                accessed on the website.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div>&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">Provided
      that, if there is a requirement that a person have access to a document for
      a
      specified period of time, the person must be notified of the publication of
      the
      document before the commencement of the period and the document must be
      published on the website throughout the whole of the period.</font></div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div>&#160;</div>
            </td>
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">(f)</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">Nothing
                in the foregoing shall invalidate the deemed delivery of an electronic
                copy of a document if:</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">(i)&#160;&#160;&#160;&#160;&#160;the
      document is published for at least part of a period; and</font></div>
    <div><br></div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 96px">
              <div>&#160;</div>
            </td>
            <td style="WIDTH: 35px">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">(ii)</font></div>
            </td>
            <td width="776">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">the
                failure to publish it throughout the whole of the period is wholly
                attributable to circumstances that the Company could not reasonably
                have
                been expected to prevent or avoid.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;"><strong><u>WINDING
      UP</u></strong></font></div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">135.</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">If
                the Company shall be wound up, the liquidator may, with the sanction
                of a
                Resolution of the Company and any other sanction required by the
                Companies
                Acts, divide amongst the Shareholders in specie or kind the whole
                or any
                part of the assets of the Company (whether they shall consist of
                property
                of the same kind or not) and may for such purposes set such values
                as he
                deems fair upon any property to be divided as aforesaid and may determine
                how such division shall be carried out as between the Shareholders
                or
                different classes of Shareholders.&#160;&#160;The liquidator may, with the
                like sanction, vest the whole or any part of such assets in trustees
                upon
                such trust for the benefit of the contributories as the liquidator,
                with
                the like sanction, shall think fit, but so that no Shareholder shall
                be
                compelled to accept any shares or other assets upon which there is
                any
                liability.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;"><strong><u>INDEMNITY</u></strong></font></div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">136.</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">No
                Director, Alternate Director, Officer, member of a committee authorized
                under Bye-law 98, Resident Representative of the Company or their
                respective heirs, executors or administrators shall be liable for
                the
                acts, receipts, neglects, or defaults of any other such person or
                any
                person involved in the formation of the Company, or for any loss
                or
                expense incurred by the Company through the insufficiency or deficiency
                of
                title to any property acquired by the Company, or for the insufficiency
                or
                deficiency of any security in or upon which any of the monies of
                the
                Company shall be invested, or for any loss or damage arising from
                the
                bankruptcy, insolvency, or tortious act of any person with whom any
                monies, securities or effects shall be deposited, or for any loss
                occasioned by any error of judgment, omission, default, or oversight
                on
                his part, or for any other loss, damage or misfortune whatever which
                shall
                happen in relation to the execution of his duties, or supposed duties,
                to
                the Company or otherwise in relation
                thereto.</font></div>
            </td>
          </tr>

      </table>
    </div><br>
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    <div>&#160;</div>
    <div>&#160;</div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

          <tr valign="top">
            <td style="WIDTH: 36pt"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond;">137.</font></td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond;">Every
                Director, Alternate Director, Officer, member of a committee constituted
                under Bye-law 98, Resident Representative of the Company or their
                respective heirs, executors or administrators shall be indemnified
                and
                held harmless out of the funds of the Company to the fullest extent
                permitted by Bermuda law against all liabilities loss damage or expense
                (including but not limited to liabilities under contract, tort and
                statute
                or any applicable foreign law or regulation and all reasonable legal
                and
                other costs and expenses properly payable) incurred or suffered by
                him as
                such Director, Alternate Director, Officer, committee member or Resident
                Representative and the indemnity contained in this Bye-law shall
                extend to
                any person acting as such Director, Alternate Director, Officer,
                committee
                member or Resident Representative in the reasonable belief that he
                has
                been so appointed or elected notwithstanding any defect in such
                appointment or election.</font></div>
            </td>
          </tr>

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      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond;">&#160;</font></td>
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;</font></td>
          </tr>

      </table>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

          <tr valign="top">
            <td style="WIDTH: 36pt"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond;">138.&#160;</font></td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond;">Every
                Director, Alternate Director, officer, member of a committee constituted
                under Bye-law 98, Resident Representative of the Company and their
                respective heirs, executors or administrators shall be indemnified
                out of
                the funds of the Company against all liabilities incurred by him
                as such
                Director, Alternate Director, Officer, member of a committee constituted
                under Bye-law 98, Resident Representative in defending any proceedings,
                whether civil or criminal, in which judgment is given in his favour,
                or in
                which he is acquitted, or in connection with any application under
                the
                Companies Acts in which relief from liability is granted to him by
                the
                court.</font></div>
            </td>
          </tr>

      </table>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;</font></td>
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;</font></td>
          </tr>

      </table>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top" bgcolor="white">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">139.</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">To
                the extent that any Director, Alternate Director, Officer, member
                of a
                committee constituted under Bye-law 98, Resident Representative of
                the
                Company or any of their respective heirs, executors or administrators
                is
                entitled to claim an indemnity pursuant to these Bye-laws in respect
                of
                amounts paid or discharged by him, the relative indemnity shall take
                effect as an obligation of the Company to reimburse the person making
                such
                payment or effecting such
                discharge.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div>&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">140.</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">The
                Board may arrange for the Company to be insured in respect of all
                or any
                part of its liability under the provision of these Bye-laws and may
                also
                purchase and maintain insurance for the benefit of any Directors,
                Alternate Directors, Officers, person or member of a committee authorised
                under Bye-law 98, employees or Resident Representatives of the Company
                in
                respect of any liability that may be incurred by them or any of them
                howsoever arising in connection with their respective duties or supposed
                duties to the Company. This Bye-law shall not be construed as limiting
                the
                powers of the Board to effect such other insurance on behalf of the
                Company as it may deem appropriate.</font></div>
            </td>
          </tr>

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        <div style="WIDTH: 100%; TEXT-ALIGN: center">
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      </div>
    </div>
    <div>
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          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">141.</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">Notwithstanding
                anything contained in the Principal Act, the Company may advance
                moneys to
                an Officer or Director for the costs, charges and expenses incurred
                by the
                Officer or Director in defending any civil or criminal proceedings
                against
                them on the condition that the Director or Officer shall repay the
                advance
                if any allegation of fraud or dishonesty is proved against
                them.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div>&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div>&#160;</div>
            </td>
            <td>&#160;</td>
          </tr>

      </table>
    </div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">142.</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">Each
                Member agrees to waive any claim or right of action he might have,
                whether
                individually or by or in the right of the Company, against any Director,
                Alternate Director, Officer of the Company, person or member of a
                committee authorised under Bye-law 107, Resident Representative of
                the
                Company or any of their respective heirs, executors or administrators
                on
                account of any action taken by any such person, or the failure of
                any such
                person to take any action in the performance of his duties, or supposed
                duties, to the Company or otherwise in relation
                thereto.</font></div>
            </td>
          </tr>

      </table>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;</font></td>
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;</font></td>
          </tr>

      </table>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

          <tr valign="top">
            <td style="WIDTH: 36pt"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond;">143.&#160;</font></td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond;">The
                restrictions on liability, indemnities and waivers provided for in
                Bye-laws &#160;136 to 142 inclusive shall not extend to any matter which
                would render the same void pursuant to the Companies
                Acts.</font></div>
            </td>
          </tr>

      </table>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;</font></td>
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;</font></td>
          </tr>

      </table>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

          <tr valign="top">
            <td style="WIDTH: 36pt"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond;">144.</font></td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond;">The
                restrictions on liability, indemnities and waivers contained in Bye-laws
                136 to &#160;142 inclusive shall be in addition to any rights which any
                person concerned may otherwise be entitled by contract or as a matter
                of
                applicable Bermuda law.&#160;&#160;</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div>&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;"><strong><u>ALTERATION
      OF BYE-LAWS</u></strong></font></div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">145.</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Garamond, serif;">The
                Company&#8217;s Memorandum of Association and these Bye-laws may be amended from
                time to time in the manner provided for in the Companies Acts, but
                neither
                may be amended without consent of a majority of the votes cast by
                shareholders of the Company in general meeting and the consent of
                a
                majority of the Board (which consent must include the consent of
                the
                majority of the Independent
                Directors).</font></div>
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